Grootboom

At a glance

The Grootboom Project currently consists of the farms Grootboom and Annex Grootboom.

Ownership

72.39% held through Boynton, with the balance of 26.80% held by Platmin’s BEE partner Moepi through its group of companies. A small holding making up the balance may be distributed amongst Boynton’s shareholders on a pro rata basis at a later stage.

Location

On the Eastern Limb of the Bushveld Complex, in proximity to Eastplats’s Spitzkop project and other producing mines.

Map showing Grootboom operations

Extent

1,996 hectares (Grootboom property) and 1,442 hectares (Annex Grootboom property)

Infrastructure and access

5km from the town of Steelpoort in Limpopo Province. Accessible by surfaced road. Grid power and rail head nearby. Platmin is a member of a joint water forum and has secured 2Ml of water a day from the soon-to-be-constructed De Hoop dam.

Total Mineral Resources

Further drilling and a re-evaluation of earlier exploration results permitted a 106% increase in the Grootboom project’s total Indicated Mineral Resources in July 2007. The Mineral Resource was independently calculated by RSG Global.

As a whole, the Indicated Mineral Resource on the UG2 Reef was increased to 17.7 Mt at 4.59 g/t 3PGE+Au for 2.6 Moz. Of this, Platmin’s attributable Indicated Mineral Resources increased by 165% to 9.8 Mt at 4.43 g/t 3PGE+Au for 1.4 Moz. In addition, an Inferred Mineral Resource of 3.9 Mt at 2.84 g/t 3PGE+Au for 0.36 Moz was defined for the Merensky Reef and for the tailings dam on Grootboom 336KT (2.8 Mt at 2.84 g/t 3PGE+Au for 0.26 Moz attributable to Platmin).

Platmin has the right to acquire the PGM rights on the Annex Grootboom property from BHP Billiton at the bankable feasibility stage. Platmin’s attributable Mineral Resource will increase if this option is exercised.

The future

Independent consultancy Minxcon has been appointed to lead a pre-feasibility study on the Grootboom project. Boynton, Platmin’s operating subsidiary in South Africa has lodged a mining right application for the Grootboom 336KT property and a separate application for the PGMs contained in the tailings dam on the property. Both applications were accepted by the South African Department of Minerals and Energy and it is expected that these mining rights will be granted in December of 2008.

During the 2009 financial year (February year end) an aggressive work programme is planned that includes additional drilling, bulk sampling and metallurgical testing. Budgeted expenditure for exploration and feasibility work during the 2009 financial year is approximately US$28.7 million.